To reconcile this, you code the charges to your sales account, whatever that is. It is different for every business, but usually starts with a 2. Like 201.

You then reconcile the fees to your bank fees account. We actually set up a “Stripe fees” account because we separate our fees to our bank, PayPal and Stripe.

The transfer is then reconciled by “matching” the transfer in your main bank account where Stripe deposits the money.

After all of this, the Stripe account balance would be zero.

You can get more advanced by setting up bank rules so that Xero recognises all of these transactions and shows the “OK” button in the middle of a green row. All you have to do is give it a quick glance and click OK on all transactions.

You can do this by creating rules on the data that Silver Siphon brings into Xero. Check out the “Field Mapping” section on the Services page to bring in data and even custom text that you can use in bank rules.